Ghana Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
Ghana's real effective exchange rate was 67.82 in 2024, ranked 4th globally. This represents a 4.8% decrease from 2023. Data from BIS, covering 1980–2024.
Overview
Ghana's real effective exchange rate stood at 67.82 in 2024, a decline of +3.45 from 2023. Based on recent trends, this figure is projected to reach 66.88 by 2025. Ghana ranked 4th globally.
Ghana’s real effective exchange rate (REER) has fallen dramatically over the 45‑year series, moving from an early‑period level of 664.71 in 1980 to a historic low of 67.82 in 2024, which places the country fourth globally among the listed economies. The all‑time peak of 3,053.34 occurred in 1983, reflecting a period of severe overvaluation that preceded a long‑term depreciation trend driven by successive devaluations, external shocks and policy adjustments. By contrast, Nigeria’s REER of 63.92 and South Africa’s 72.60 illustrate that Ghana’s current valuation is comparable to other emerging markets that have pursued flexible exchange‑rate regimes to restore competitiveness. The sustained decline in the index signals a substantial loss of real appreciation, improving export price competitiveness but also raising concerns about imported inflation. If Ghana continues to manage fiscal deficits and external financing prudently, the REER is likely to remain low, although a reversal could emerge should global commodity prices surge or monetary tightening tighten domestic liquidity.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 63.57 | - | - |
| 2026* trend | 65.23 | - | - |
| 2025* trend | 66.88 | - | - |
| 2024 | 67.82 | −3.45 | #4 |
| 2023 | 71.27 | −0.04 | #5 |
| 2022 | 71.31 | −2.96 | #4 |
| 2021 | 74.27 | −0.35 | #5 |
| 2020 | 74.62 | +1.14 | #5 |
| 2019 | 73.47 | −3.18 | #2 |
| 2018 | 76.65 | −1.06 | #3 |
| 2017 | 77.71 | −0.56 | #5 |
| 2016 | 78.27 | +10.07 | #7 |
| 2015 | 68.20 | −1.27 | #1 |
| 2014 | 69.47 | −19.02 | #1 |
| 2013 | 88.49 | +0.26 | #8 |
| 2012 | 88.23 | −6.39 | #2 |
| 2011 | 94.62 | −5.38 | #9 |
| 2010 | 100.00 | +5.23 | #44 |
Detected Pattern
Analysis
Ghana matched the Currency Crisis Pattern pattern in 2023. Historically, 27% of countries showing this pattern (35 out of 128) saw real effective exchange rate improve within 24 months. View full analysis →
Frequently Asked Questions
Ghana's real effective exchange rate was 67.82 in 2024. Ranked 4th globally. This represents a 4.8% decrease from the previous year.
Ghana's real effective exchange rate peaked at 3,053.34 in 1983.
The lowest real effective exchange rate in Ghana was 67.82 in 2024.
Ghana ranks 4th globally in real effective exchange rate as of 2024.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
Ghana's real effective exchange rate is projected to reach 66.88 by 2025 based on trend extrapolation.
The real effective exchange rate of Ghana in 2024 was 67.82. This ranks 4th in the world.
Cite this page
@misc{historysaid_ghana_reer,
title = {Ghana Real Effective Exchange Rate},
url = {https://historysaid.com/ghana/reer/},
publisher = {HistorySaid},
year = {2026}
}